Adding Receivables Accounts to Your Chart of Accounts and Using Them in Payment Vouchers: Subdivision Restrictions When Payment Collection Is Enabled

Guidelines for adding a Receivables account in the chart of accounts and using it in the system.

Answer:

Yes, you can add a new account under Current Assets accounts named Receivables.

Steps to Add:

1. Go to Accounting > Chart of Accounts.
2. Click Add New Account.
3. Select the main account Current Assets.
4. Enter the account name as Receivables.
5. Enable the option Can be paid and collected through.
6. Save the account.

How to Use:

• When recording a Receipt Voucher:
  • Select the Receivables account to record the voucher.
• When disbursing:
  • Transfer funds from the Receivables account to the Bank or Cash account it was disbursed from.

Additional Notes:

• You can customize the account if you deal with different types of receivables.